Interest deduction

This query is : Resolved

rohit (Querist)
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02 January 2013 A PERSON HAS TAKEN LOAN FOR PURCHASING A FLAT WHICH HE WILL USE FOR RESIDENTIAL PURPOSES?
WHAT WILL BE THE AMOUNT OF INTEREST DEDUCTION?
IF HE HAS TAKEN 1 MORE LOAN FOR PURCHASING 1 MORE FLAT,THEN HOW MUCH DEDUCTION WILL BE ALLOWED, WHAT IF THIS PROPERTY IS LET OUT?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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02 January 2013 1. INTEREST PAID OR RS. 1, 50,000/- WHICH EVER IS LOWER. IN CASE OF SELF OCCUPIED FLAT.
2. HE CAN AVAIL THE ACTUAL INTEREST ACCRUED ON THE LOAN ON LET OUT PROPERTY WITHOUT DISTURBING THE 1.50 LAC LIMIT IN RESPECT OF SELF OCCUPIED HOUSE.

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